Most accounting software use the double-entry system, though FreshBooks’ cheapest plan is a notable exception. We love that even though Wave is free and freelance-focused, it doesn’t assume freelancers can afford to skimp on financial accuracy. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews.

Xero lets you add unlimited users in all plan tiers and, similar to QuickBooks Online, can grow alongside your business. FreshBooks is an affordable option for freelancers and small service-based businesses that operate mostly on the go. Includes tools that help automate the reconciliation process and auto-categorizes transactions for you in the Pro plan, but you can’t set up your own bank rules; no global search function. We believe everyone should be able to make financial decisions with confidence. Stay updated on the latest products and services anytime anywhere.

Wave Customer Service

Plus, you can calculate sales tax automatically, customize payment terms and enjoy access to easy-to-understand cash flow insights. It also features a well-laid-out, clutter-free dashboard with introduction to qualified dividends individual tabs for sales, purchases, accounting, banking, payroll and reports. Wave Accounting does a lot for the price—but it can’t do everything. For instance, it doesn’t offer the same built-in time-tracking and project-tracking features you get with most other basic accounting software plans. Unlike with QuickBooks, you can’t manage 1099 contractors with Wave (which is one reason Wave’s better suited to 1099 contractors rather than those who employ them).

Payments

1. The only downside is that there’s no back button, but navigating the software is still pretty simple.
2. Only integrates with in-house apps, like Wave Payments and Wave Payroll; does not integrate with card readers for in-person payments.
3. At Business.org, our research is meant to offer general product and service recommendations.
4. It also offers multi-business management for no  additional fee.
5. This can help you save time and make financial decisions quickly.

An additional fee applies for filing your taxes through this integration, which includes an automatic import of Wave data into H&R Block. Unfortunately, Wave does not offer a project management feature. At the time of our last review, we noted that Wave “has always been and always will be free,” and that the company planned to maintain this pricing structure following its acquisition by H&R Block. While the free plan still exists, a paid plan is now available.

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These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most. We encourage you to research and compare multiple accounting software products before choosing one. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably what are 1095 tax forms for health care priced, have a robust feature set and can grow with your business. The best accounting software received top marks when evaluated across 10 categories and more than 30 subcategories. Learn more about how we rate small-business accounting software.

Wave also doesn’t have quite as many integrations as other paid (and more popular) accounting software options. Most importantly, it doesn’t sync with any third-party payroll providers. The company also offers good customer support options, including an accounting guide, to help you learn to balance the books and use the software. Wave is cloud-based software that boasts a solid set of accounting features suitable for most small businesses. In our last review, we found these features especially appealing because they were all completely free with no artificial limits.

Customers can pay via credit card, bank payment or Apple Pay. However, like most products with free plans, Wave has its limitations, especially compared to more scalable small-business accounting software. Although Wave’s paid plan offers additional features, it’s still missing some more advanced capabilities, like income summary account built-in inventory tracking and audit trails, that growing businesses might need.

Today’s leading accounting platforms offer standard security features, such as data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. You can invite your accountants, bookkeepers or other business partners to Wave via email and designate their user roles. They can receive “editor permissions” and access accounting and reports as well as purchases easily.